Military veterans face many challenges when transitioning to civilian life. One of the biggest hurdles is furthering their education. Many scholarships for children of US military veterans and service members are available. Luckily, veterans can also access resources that can help them pay for college or vocational training, such as the GI Bill and Pell Grants.
This article will provide a comprehensive overview of Pell Grant And GI Bill, including eligibility requirements, how to apply, and the benefits they offer.
Pell Grant And GI Bill
The GI Bill, officially known as the Servicemen's Readjustment Act of 1944, was created to help veterans adjust to civilian life after World War II. Since then, the bill has been amended several times and expanded to include veterans from other conflicts. The GI Bill provides financial assistance to veterans to pay for college, vocational training, and other educational programs. The benefits include tuition and fees, housing allowances, and book stipends.
The Pell Grant is a need-based grant the federal government provides to help low-income students pay for college. Unlike the GI Bill, the Pell Grant is not specifically for veterans, but veterans may qualify for it if they meet certain requirements.
How Many May Pell Grants Veterans Qualify For?
There is no limit to the number of Pell Grants a student can receive as long as they continue to meet the eligibility requirements. However, there is a maximum amount that a student can receive each year, which the federal government determines. For the 2021-2022 academic year, the maximum Pell Grant amount is $6,495.
Applying For A Pell Grant As A Veteran
To apply for a Pell Grant, veterans must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA determines a student's eligibility for federal financial aid, including the Pell Grant. The application is available online and must be completed each year.
Benefits To Veterans Who Utilize GI Bill And Pell Grants
The benefits of utilizing the Pell Grant And GI Bill are numerous. Veterans who use the GI Bill to pay for college or vocational training can avoid taking out student loans, which can be a significant financial burden. Additionally, the GI Bill provided veterans with the necessary resources to obtain education or training in their chosen career field, which can lead to higher salaries and better job prospects.
The Pell Grant provides financial assistance to veterans who may not qualify for the GI Bill or need additional funds to cover the cost of education. By reducing a student's debt, the Pell Grant can help veterans achieve financial stability after leaving the military.
Eligibility Requirements For The GI Bill
To be eligible for the GI Bill, veterans must have served on active duty for at least 90 days after September 10, 2001, or have been honorably discharged due to a service-related disability. In addition, veterans must have received an honorable discharge and must not be in default on a federal student loan.
Special Pell Grant Considerations For Qualifying Children Of Veterans
If a veteran has children who plan to attend college, they may be eligible for a special type of Pell Grant known as the Iraq and Afghanistan Service Grant. To qualify, the student must be under 24 years old and have a parent who died from military service in Iraq or Afghanistan after September 11, 2001. The student must also meet the Pell Grant eligibility requirements and not be eligible for the full Pell Grant.
Does The GI Bill Qualify As Financial Aid?
The GI Bill is considered a form of financial aid, but it differs from other financial aid types, such as grants and loans. The GI Bill provided veterans with financial assistance to cover the cost of education or training, and it does not have to be repaid. In contrast, loans must be repaid with interest, and grants are typically need-based and do not have to be repaid.
Post-9/11 GI Bill® Payments And Financial Aid
The Post-9/11 GI Bill® is a newer version of the original GI Bill and provides additional benefits to veterans who served after September 10, 2001. The bill includes a tuition and fees payment, a housing allowance, and a book and supplies stipend. These payments are made directly to the school or the veteran, depending on the situation.
When veterans receive the Post-9/11 GI Bill® payments, they may also be eligible for other types of financial aid, such as scholarships, grants, and loans. However, the GI Bill payments may affect the financial aid a veteran can receive. Veterans must speak with a financial aid advisor to determine the best action.
Pell Grant Benefits For Veterans
The Pell Grant And GI Bill provide important resources for veterans who want to further their education or training. By understanding the eligibility requirements and how to apply, veterans can take advantage of these benefits to achieve their career goals and improve their financial stability. It is also important for veterans to speak with a financial aid advisor to determine the best resources to cover the cost of education or training.
Veterans have numerous benefits available to them. Check our Gov Relations resources on housing assistance for veterans with bad credit to explore other benefits available.